FedEx Corp. (NYSE:FDX) has found its next finance chief. On Monday, the logistics giant announced that Jamere Jackson will become executive vice president and chief financial officer, effective Nov. 30. He takes over from Claude Russ, who has served as interim CFO since June 1.
Jackson joins FedEx from AutoZone, Inc. (NYSE:AZO), where he has been CFO since January 2021. In that role, he most recently led finance and store development, giving him a blend of financial management, capital allocation, and operational experience. Before AutoZone, Jackson was executive vice president and CFO of Hertz Global Holdings and CFO of Nielsen Holdings. He also held leadership roles at General Electric, including CFO of a GE Oil and Gas division. Currently, he serves on Eli Lilly's board and chairs its audit committee.
Why FedEx Picked Jackson
FedEx President and CEO Raj Subramaniam said Jackson's experience balancing growth investments with profitability, cash generation, and capital allocation would support the company's strategy. He also thanked Russ for leading the finance team during the transition. Jackson said he plans to work with FedEx's finance team to advance its profitable growth strategy.
FedEx provides transportation, e-commerce, and business services worldwide. The company reports annual revenue of $86 billion and employs more than 450,000 people. It aims to achieve carbon-neutral operations by 2040.
Earnings on Deck
FedEx is scheduled to report earnings Oct. 28. Analysts expect earnings of $3.35 per share, down from $4.51 a year earlier. Revenue is projected to rise to $22.53 billion from $22.20 billion. The stock trades at a price-to-earnings ratio of 16.1 and carries a consensus Buy rating. Its average price forecast is $354.33.
On Oct. 7, Citigroup raised its price forecast to $373 and maintained a Buy rating. Truist Securities lowered its forecast to $350 while retaining a Buy rating. On Oct. 5, JPMorgan lowered its forecast to $399 and maintained an Overweight rating.
FDX Price Action: FedEx shares were up 0.59% at $300.00 at the time of publication on Monday, according to market data.
